Looking to sell your home? Now may be the time. According to Long & Foster, inventory is low in Prince George’s County, which is driving up prices.
In most of the state, the number of sales increased in August 2013 when compared with August of last year, according to the real estate company's Market Minute report. That’s not true for Prince George’s County, which saw an 8 percent decrease in the number of homes sold.
But there were also fewer homes on the market this year in Prince George’s County; inventory was down 37 percent, according to the report.
That may be one reason that the median sale price increased by a whopping 20 percent in August– from $175,000 in 2012 to $209,450 this year. And on average, sellers are getting more than 99 percent of their asking prices.
And houses are selling fast – on average in 46 days, versus 69 days in August 2012.
This growth in sales is spread throughout the Mid-Atlantic, According Long & Foster president, Jeffrey S. Detwiler. “Consumer confidence is up with the economy,” he said in a statement. “And that reflects in the rising home prices and increasing number of sales.”